May 19, 2018 By Christian Murray
A Queens Boulevard property marketed for its development potential is changing hands for $9.9 million, according to a press release issued by the real estate brokerage firm Cushman & Wakefield.
The brokerage firm said Friday that it had arranged the sale of 43-10/24 Queens Blvd—a property that incorporates about half the block on the south side of the boulevard between 43rd and 44th Streets. Eight stores occupy the space—including Amazon Pharmacy, Dave’s Bagels, Riko and Taiyo Food.
The property has been owned by Geoffrey Henderson, the president of Manhattan-based Henderson Holding Corp., since January 2015. That company purchased the one-story building for $7.28 million. The new buyer has not been named and the transaction has yet to close.
The stores currently occupy 8,500 square feet. However, an owner can develop a 43,700 square foot mixed-use building, according to Cushman & Wakefield.
The property was marketed for its development potential. “The majority of the existing tenants have short-term leases and/or demolition clauses,” Cushman & Wakefield wrote in its release.
“The buyer acquired an exceptional opportunity to benefit from existing cash flow along with the potential for future redevelopment,” said Tom Donovan, a vice president of the brokerage firm, in a statement.
“They recognized that Sunnyside is a great investment as the success of Long Island City has been spilling over into the neighborhood,” Donovan added.
Nice profit on the flip, 2.5 million for doing nothing!
I’m never surprised by the absolutely awful comments on this website. They’re always some combination of “building anything is terrible” “hipster gentrification is ruining my neighborhood” and “the homeless are sub-human, they don’t deserve places to live.” Get a grip, people. It’s New York City. It’s never going to stop growing – population-wise and building-wise. And the homeless problem needs to be addressed, but none of you ever present solutions. You just love to complain. Bravo.
Not like you.
And yet there is double parking everywhere. A problem JVB needs to address instead of bike lanes!!!!!
And instead of disparaging Weiner!!
*Research shows that the primary cause of homelessness, particularly among families, is lack of affordable housing.
*In March 2018, there were 62,974 homeless people, including 15,393 homeless families with 23,110 homeless children, sleeping each night in the New York City municipal shelter system. Families make up three-quarters of the homeless shelter population.
Hey Carbie, looks like you missed a great opportunity to buy this parcel and build 100% affordable housing. Sure your monetary return on investment might be negative but think of all the good you’d be doing.
No doubt the new owner will be spending another $20 million to put in new stores and 50-60 apartments. They’ll probably make 20% of them affordable to qualify for the tax breaks.
The Homeless can’t afford housing in their home states – so they are coming here!!! The word is out — come to New York City, their Mayor Bill DiBlasio will house you in a hotel room with a TV, provide you with social workers, healthcare, food, transportation, security guards, a Nutritionist and even a Yoga Instructor FREE OF CHARGE!!! They are pouring in from other parts of the country not contributing to the tax base here costing us hundreds of millions of dollars.
This…. this is false.
Please put giant building. Go up 40 stories . All these stores here are no good. Waste of good space. This no 1970 no more. I no like old
They should build a homeless shelter they will recoup the investment from the city taxpayers who will fund the housing of the homeless.
No they should NOT build a homeless shelter. Where is all the affordable housing we keep hearing about?!
Surprised it’s not another homeless shelter.
give it time
Great, there goes more of our mom and pop shops. Losing another hardware store so we can buy at a big corporate chain who don’t pay taxes. Good plan
Those damn stores ALL suck!!!! Good riddance. Worst bagels EVER!!!!
The hardware store sold me bad paint. The community needs a Whole Foods there and a large parking lot with car charging stations.
Bad bad business practices in the hardware store, don’t like to be nice and helpful ???? Live already !!!
As long as it provides a variety of stores when it’s replaced it should be fine. It sucks that this is getting replaced before the White Castle next door, which has a very anti-urban lot use.
That white castle was around for decades, what’s with this anti urban bull.
Leave White Castle alone!!
The Boulevard was targeted for redevelopment because most buildings are single story. You can easily replace a one story commercial building with an eight story mixed use one.
I just wish places like Wendy’s redeveloped their waste of space lot before a lot like this.
Goodbye Sunnyside, Hello Greed .
Goodbye Sunnyside a long time ago.
What do the politicians have to do with it. It’s private property. Any one of you could have purchased it. Why didn’t you?
Because we are working class people. This has historically been a place for immigrants and their children toget a foothold in America. Politicians and real estate developers, people with access to power and to millions of dollars, have worked for decades to change the zoning rules that kept this area affordable. Working people were busy keeping body and soul together while they did this. The first I was aware of and big change was when suddenly the city fixed all the curbs. After 60 years of absolute innattention, suddenly our curbs were on their radar. Why? Because they planned on seller ng this neighborhood to folks who would not put up with crumbling curbs. Beware politicians bearing gifts. They are up to something.
Thank you Brokenhearted for saying what nobody talks about! This crap makes me want to leave NY! It’s actually starting ti look lile the urban blight of the 70’s. I was very little but I remember what NY looked like.
They changed the curbs for traffic calming to reduce pedestrian deaths on Queens Boulevard–and it has worked.
Thank you to the Mayor and JVB for your less then common sense thinking. Sunnyside and Woodside the new LIC .
Lets not go too far. That comment is flat out ignorant!!!
Shit, here we go again.
Here we go with gentrification…